Cryptocurrency Market Cap

Bitcoin and cryptocurrency proved to the world this weekend that they are not in fact digital gold, nor a store of value, but in fact just a leveraged tech stock destined to fall with the rest of the legacy markets. I think we are near (within 10-15% of short term) the lows for now and should see a bounce soon to get all the fan boys all happy on their inverse head and shoulders meme while the legacy markets create a dead cat bounce. At the end of this bounce I expect this market to decline another 90% over the next few years.

In hindsight I believe taking a shot at crypto as a digital hedge against legacy markets and fiat money was a bright idea that I would repeat; however, I do not think cryptos will do well until legacy markets can show they are still in a bull market or have bottomed from the, what looks like, start of this new bear market. Good luck as always to everyone trading.

Not Financial Advice, for educational purposes only.

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